Westlake Crocker Park expansion, American Greetings move finalized

Special to the Morning Journal
A conceptual drawing of the American Greetings Creative Studios. Construction is set to begin in September with a projected move in date of the spring of 2016. American Greetings has been based in Brooklyn, Ohio since the 1960s. The move marks the third phase of development for Crocker Park in Westlake.

WESTLAKE — Transactions have been finalized to move Brooklyn, Ohio-based American Greetings Corporation’s world headquarters to Crocker Park.
The finalization also marks the beginning of Stark Enterprises and the city of Westlake’s development of the third phase of Crocker Park. The Crocker Park shopping center is located at 189 Crocker Park, just north of the future American Greetings site.
According to a news release issued by American Greetings, this development will include American Greetings new Creative Studios, 300 rental apartments, a hotel and over 220,000 square feet of new retail and restaurants.
Westlake City Council president Michael Killeen said the city’s portion of construction, which includes utilities infrastructure, roads and public parking garages, will begin in April. Construction of the American Greetings Creative Studios will begin in September with an expected move in date for the spring of 2016, according to a news release.
“We’ll be seeing people out their right away,” Killeen said. “Contractors should be ready to mobilize. The bonds have all been set and approved and all the key documents have been signed and approved by all parties.”
City Council approved an ordinance Feb. 6 authorizing the sale of $55 million in bonds for streets, utilities and infrastructure improvements in support of the project.
Council also passed legislation for development agreements, which outline the nature of the project, and refundable tax credits between the city and American Greetings.
Under terms of the development agreement, the Westlake City School District will receive at least $450,000 annually through tax increment financing from American Greetings, Killeen has said.
American Greetings will receive a tax rebate on employee income taxes of 0.5 percent, he said. Under this arrangement, Westlake will collect 1.5 percent from employees, while agreeing to give the company 0.5 percent back. Refunds will be issued to the company in the form of a grant, Killeen said.
Lisa Schwan, director of communications of Stark Enterprises, said deals with retailers who plan to open up shop in the third phase have not yet been finalized, but they are close.
“We’re not announcing anything yet, but I suspect we will be in the near future,” Schwan said.
Killeen said residents will know some of the potential restaurants and businesses.
“We have a nice mass of retail out there already and this will compliment it,” he said. “When the names are announced I think people will be excited to see some of the new tenants that are moving in. It will virtually complete Crocker Park.”
According to the news release, the combined project will cost $350-400 million and bring thousands of jobs to the area. When American Greetings’ 1,800 employees and other retailers move to the expanded area, it will equate to a substantial amount of tax revenue for Westlake, Killeen has said.
“It’s guaranteed to be at least $132 million,” he said of tax revenue from American Greetings. “If they don’t hit that, then the amount of the (tax rebate) grant they receive is reduced.”
Robert Stark, president and CEO of Stark Enterprises, said in a prepared statement he is grateful to the city and American Greetings for making the project a reality “after 15 years of doggedly pursuing making Crocker Park the best example of a mixed-use community core development anywhere.”